SMEs to get help with euro
The government was this week criticised by advisers to small businesses for not doing enough to inform them how the euro will affect trading.
Grant Thornton, leading expert on owner-managed businesses has now launched an SME Handbook with a dedicated chapter to combat euro ignorance.
Co-author of the handbook, Paul Andrews said: ‘Whether the UK joins the euro currency or not, it is going to become a reality that will affect businesses. From the results of our survey it is clear that the government has not done enough to inform UK businesses. It’s time we had a proper debate on this issue.’
Although it is still unknown whether Britain will adopt the new currency, many UK retailers have opted to accept the euro.
A recent survey conducted by Grant Thornton revealed that 87% of SMEs do not believe that the introduction of the euro will affect their business.
The mid-tier accountancy firm suggests the following top tips to help businesses struggling to come to terms with the onset of the euro:- Open a euro bank account to help you make and receive payments in euros- Create a euro price list designed for customers in the euro zone- Confirm that your IT system can produce the euro symbol- Check whether you need to re-write existing contracts with euro zone suppliers to quote in euros- Consider re-printing your marketing materials to quote in euros- If you employ staff in the euro zone, check out opportunities to save money be centralising your payroll system- Ensure that all staff are fully aware of your euro policy and are briefed to communicate a consistent message- Find out whether your IT system can cope with converting exchange rates to six decimal places- If you have staff operating in different countries consider whether there will pressure to harmonise wages throughout Europe- Review your business development strategy
Links
Arrival of euro could hit cashflowwww.grant-thornton.co.uk